How to beat the global recession? Eat, drink, and be merry

Banks are losing billions of pounds, the building industry has mothballed new developments and cut thousands of jobs, and retailers are slashing prices to get through the credit crunch. Research published today reckons that consumer confidence is at an all-time low.

But it is not all doom and gloom. Cadbury, the confectionery group, yesterday reported a 46% rise in profits during the first half of the year, pointing to the truism that consumers have not stopped spending, they are just trading down. “No matter how bleak economies look, people always go for treats and that’s why we have seen no real slowdown,” said the company’s chief executive, Todd Stitzer.

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